TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
HOLLYWOOD, FLA. — Florida developer Stiles has commenced construction for West Lake Commons, a $35 million retail project located at 1700 Sheridan Street in Hollywood. The project will be built on the site of the former Hollywood Lincoln Mercury dealership at the corner of Sheridan Street and South Federal Highway. Stiles will construct an 80,000-square-foot center to be anchored by Publix. Additional tenants already announced include Pollo Tropical and Starbucks. The project will also include up to 20,000 square feet of outparcel space. Completion is expected in the second quarter of 2014.
BELTSVILLE, MD. — Los Angeles-based Laurus Corp. has acquired the Sheraton Washington North Hotel from The Carlyle Group. The nine-story property contains 207 rooms and is located at 4095 Powder Mill Road in the Washington, D.C., suburb of Beltsville. The hotel features 5,410 square feet of meeting space, a 60-seat restaurant, a lounge and a recently renovated fitness center. Savills Hospitality Group represented Carlyle in the transaction.
ARLINGTON, VA. — Jones Lang LaSalle (JLL) has secured $112 million in non-recourse financing for Lincoln Place, a 503-776-square-foot office property located in Arlington’s Pentagon City submarket. Lincoln Place comprises two 12-story buildings located at 600 and 700 Army Navy Dr. that are wholly leased to the Drug Enforcement Agency through 2018. JLL’s Wes Boatwright, Mike Yavinsky and Jon Goldstein arranged the loan, which carries a 10-year term and a floating rate. The lender is SunTrust Banks, and the borrower is California State Teachers’ Retirement System.
OWENSBORO, KY. — The new Owensboro Health Regional Hospital has opened its doors. The 780,000-square-foot hospital sits on 162 acres on Owensboro’s east side at 1201 Pleasant Valley Road. The hospital features a nine-story patient tower and a three-story diagnostic and testing building that houses the emergency department, maternity services, surgery and supporting areas. The hospital features patient rooms one-third larger than the hospital it replaces as well as nurse work areas outside each patient room. The construction team included project manager KLMK Group, architect HGA and construction manager Turner Construction.
WOODBRIDGE, VA. — Meridian Capital Group has arranged $49.5 million in acquisition financing for a Woodbridge multifamily community. Misty Ridge contains 409 units and is located at 1989 Delaware Dr. Barry Lefkowitz of Meridian’s Iselin, N.J., office negotiated the loan, which carries a fixed interest rate of 3.49 percent and a 7-year term. The lender was Freddie Mac. The borrower was Castle Lanterra Properties.
ROSEVILLE, MICH. — Lormax Stern Development Co. has purchase Macomb Mall, located at 32233 Gratiot Ave. in Roseville. Constructed in 1964, the 921,000-square-foot Macomb Mall is located near I-94. The new owners plan to renovate the single-story building, which include both interior and exterior upgrades. The sale price of the property was undisclosed. Macomb Mall features more than 85 specialty stores, including Aeropostale, American Eagle Outfitters, Bath & Body Works, Charlotte Russe, Helzberg Diamonds, and resturants such as National Coney Island and Olga’s Kitchen.
AKRON, OHIO — Co-developers, Akron-based LRC Realty and Hallmark Campus Communities, are developing University Edge, a 578-bed community focused on the students of the University of Akron.Delivering fall 2014, University Edge is located across the street from campus and will feature many amenities and two-bed, two-bath, three-bed, three-bath, and four-bed, four-bath furnished floor plans. University Edge will also include several thousand square feet of ground floor retail consisting of national and local retailers and restaurants. Peak Campus Management will manage the project. The University Edge leasing center will open early fall 2013.
OMAHA, NEB. — Promontory Healthcare Cos. and Lund-Ross Constructors broke ground on a $6.3 million transitional care center in the Old Mill area of Omaha. Construction on Old Mill Rehabilitation is expected to last 12 months, with an opening scheduled for spring 2014. Once complete, the facility will provide transitional rehabilitation services and be a licensed skilled nursing facility. The 40,000-square-foot facility will feature 44 private suites and common areas including a great room, dining room, library and chapel. Physical therapy rooms, nursing stations and administrative space will also be located on the grounds. Mainland Healthcare Development LLC will be in charge of development. Ankrom Mosian Architects is serving as the project architect. Lamp Rynearson & Associates is serving as civil engineer. Great Western Bank will provide construction financing. Lund-Ross Constructors will act as general contractor, and Promontory Healthcare Cos. will operate Old Mill Rehabilitation.
ELMHURST, ILL. — NAI Hiffman represented Bridge Development Partners in securing two lease renewals totaling 14,903 square feet of office space at 501 W. Lake St. in Elmhurst. Anderson Pest Control has renewed its 9,829-square-foot lease, and Patterson Medical, a provider of rehabilitation products, renewed its lease for 5,074 square feet. The offices are located within the Corporate Plaza of Elmhurst, which is 96 percent leased. The building offers docks and drive-in doors and tenant-controlled HVAC and security. Dan O’Neill, Steve Connolly and Jeff Fischer of NAI Hiffman represented the landlord in both transactions, while Tim Carlson of Cresa represented Patterson Medical.